EPCG expects a significant financial loss in 2025 due to the prolonged shutdown of the Pljevlja thermal power plant, increased electricity consumption, and a relocation project by its coal mine subsidiary. In 2024, despite difficult hydrological conditions and a large negative result in electricity trading, EPCG still managed a net profit of 10.2 million euros through cost optimization and responsible management. The first quarter of 2025 also ended with a profit of over 10 million euros despite early-year dry conditions.
The Pljevlja thermal power plant was taken offline on March 31, 2025, for ecological reconstruction expected to last about 7.5 months, until mid-November. EPCG is working to accelerate the reconstruction but expects completion on schedule. Due to the shutdown, EPCG needs to import approximately 800 GWh of electricity worth around 80 million euros from June to November 2025, of which 75% has already been secured.
Electricity prices for consumers remain subsidized with discounts between 6.4% and 38%, and subsidies are extended through June 30, 2025. EPCG will continue monitoring market conditions to balance financial sustainability with consumer support. After reconstruction, the thermal power plant could operate until 2041 in line with Montenegro’s national energy plan, but final decisions will depend on EU environmental policies and international climate goals.
EPCG is actively investing in renewable energy projects including the 54.6 MW Gvozd wind farm expected to begin production by the end of 2025, and the 82 MW Kruševo hydro power plant with an expected annual output of 170 GWh. The company faces financial challenges due to the shutdown and growing electricity demand and needs bank financing to ensure sufficient electricity supply for both citizens and industry.
